Rochelle-based Glasshouse Tomato Producer, MightyVine, to be acquired by Plant Agricultural Systems
Summary
CHICAGO--(BUSINESS WIRE)--MightyVine, the Rochelle-based glasshouse tomato producer, announced today that it is being acquired by Ft. Lauderdale-based data company, Plant Agricultural Systems. Rochelle will be the first piece of Plant’s 1000+ acre footprint serving the Midwest as a part of Phase-1 development for the United States, aptly titled the Homeland Project, and accelerates entry to the market of the company’s product and its services. This comes ahead of the previously announced Northeast Florida site, where Plant is deploying nearly $1 billion in capital investment for development of production facilities serving the Southeast United States. “They have amassed an impressive array of strategic partners and industry experts and have a thoughtful approach to the people behind the production.” Plant Chairman and Chief Executive Officer, Karim Giscombe, who has been championing the need for systemic adoption of Controlled Environment Agriculture at the federal government level said, “The acquisition of MightyVine is a strategic transaction that is more about a broader solution than simply being a stand-alone business opportunity.” Giscombe, a former director at Bank of America Merrill Lynch, and an industry outsider, believes that without a connected and accessible data framework, all food supply chains are at risk. Consumers can expect the full transition to be complete in early 2023 with the enhanced product to be available in market for the summertime cook-outs for which the Midwest is famous.